Thematic Pillar Hub · 2 Published Briefings
Market structure institutional intelligence, quantitative benchmarks, primary regulatory filings, and market structure analysis from FXOpen Ledger. Tight ranges at the start of a five-bank week are a real condition. They are not a benchmark fix, and the yen in a second Monday note is not the same tick.
Curated by Alistair Kerr, CFA (CFA, Former G10 Prime Brokerage & OTC Liquidity Desk Head) · Fact-checked by FXOpen Ledger Institutional Review Board
Tight ranges at the start of a five-bank week are a real condition. They are not a benchmark fix, and the yen in a second Monday note is not the same tick.
Sponsored profile. In the third week of October 2026 SCDEX moved from a prepared compliance file to a FinCEN acknowledgement, and put the next NFA step on the record.
No. It is the level in CNBC’s Monday article. A fixing has a published methodology and a time. This note does not have either for that print.
Because the two Monday sources disagree. CNBC said 156.920. MUFG said the 157.00 area after a Friday low of 156.08. An order book that stores one number should store the source with it.
CNBC said ranges were tight. It did not publish spreads, depth or last-look statistics. A tight range is not a measure of those.
Yes. The firm filed an initial FinCEN MSB registration and FinCEN acknowledged it on 21 October 2026 under BSA ID 31000343978539. That is the federal anti-money-laundering registration for a money business, and it is already in hand.
The FinCEN registrant search, using the legal name SCDEX GLOBAL DIGITAL EXCHANGE or the trade name SCDEX. The acknowledgement is dated 21 October 2026. The public extract available on 23 October was dated 19 October, so the name is due on a later refresh of that list.
No. Exemption ID 0582319 and three pool notices are already on the NFA exemptions system, dated 19 October 2026. On 20 October SCDEX submitted the separate enrollment that asks the NFA to list the firm publicly as a commodity pool operator and commodity trading advisor. BASIC shows members, so that public line appears when the enrollment is accepted.
